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    classyT's Avatar
    classyT Posts: 1,562, Reputation: 214
    Ultra Member
    		  
    #1

    Feb 23, 2018, 01:41 PM
    Inherited ROTH IRA
    I don't know if I am asking this on the correct forum but I'm giving it a whirl. Do I have to report to the IRS an inherited Roth IRA I received last year? I did receive a 1099 form. I'd prefer not to report it. I owe absolutely NO taxes on it and for personal reasons I'd rather not have to. What happens if I choose to omit it. I've used turbo tax, adding it makes NO difference in any way to the outcome of my taxes this year. Will it really matter?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 23, 2018, 03:54 PM
    You must report it, You merely report it as it was given you as a 1099. Your program will ask if you have one.
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #3

    Feb 23, 2018, 04:21 PM
    Report it. Better than the IRS finding it, auditing you or a penalty. Read this. Somewhat depends on age, spousal status etc.
    https://www.bogleheads.org/wiki/Inheriting_a_Roth_IRA
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #4

    Feb 23, 2018, 06:10 PM
    If your personal reason is that you receive some sort of gov't assistance (Medicaid, SNAP, etc), I would suggest that you not omit it even though your taxes compute the same.
    classyT's Avatar
    classyT Posts: 1,562, Reputation: 214
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    #5

    Feb 24, 2018, 02:16 PM
    Ok. I figured I had to. It has nothing to do with receiving assistance. It’s just a giant mess. There were 5 beneficiaries and it was split 5 ways. For some reason Merrill Lynch messed the 1099 form up. They have me as sole beneficiary and I can’t seem to find anyone competent enough to fix the error. My siblings want their tax refunds. They want to file ASAP. I guess I will just file it as if I received it all. It honestly makes no difference to our taxes. So frustration working with incompetence.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Mar 7, 2018, 04:30 PM
    Hold on: All you need do is generate the 1099 for each of your siblings, then adjust the amount you claim on the tax software. That is NOT that hard to do, and you should be able to find someone in the tax profession who can handle it.

    If you can find no one local, email me at [email protected] and I will take a look at it to see if I can do it.
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